Offshore Companies: Property

Lord Sikka Excerpts

Tuesday 29th March 2022 Lords Chamber

[Lord Ahmad of Wimbledon (Con)]

My Lords, at the risk of repeating myself, they are working to a timetable. For example, Tristan de Cunha, the main export of which is lobsters, is still required under legislation to have a public register; in that particular instance, and for a range of other overseas territories, we are providing direct technical support, working through both the FCDO and the Treasury, and where assistance is needed we are providing it. The bigger territories, as I have said, are actively consulting with industry to ensure that they get their partnerships right and the registers are established in line with the timetable that I have already indicated.

[Lord Sikka (Lab)]

My Lords, the UK has legal and moral responsibility for good governance of OTs and Crown dependencies. With that in mind, can the Minister assure the House that the register of beneficial ownership of companies in the BVI and in other territories will at least match the transparency standards applicable in the UK, and that they will all be publicly available?

[Lord Ahmad of Wimbledon (Con)]

That is exactly the standard we are working to with the overseas territories. We are also working to ensure that these are verifiable registers. As we see further legislation coming on increasing the robustness of the UK register, we will also apply the key principles. I agree with the noble Lord: we have a moral responsibility for good governance in the overseas territories and to ensure strong partnerships with our overseas territories’ Governments.